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June 7, 2018

The Independent – Lenders court new controversy over misleading loan rates

“The difference costs consumers a total of £204 million more than they expected every year, according to research from the Centre for economic and business research (Cebr), which found these so-called representative rates have been increasingly unrepresentative over the last 7 years.

 

 

Critics of the practice have called for tighter legislation over marketing on these rates after the survey found that more than 80 per cent of applicants expect to secure the rate advertised. In fact, current rules demand that just 51 per cent have to be offered the headline figure to allow the lender to advertise it.

 

 

With personal borrowing now totalling more than £209bn compared with £196bn this time last year, borrowers are feeling misled, dissatisfied and confused, industry commentators argue.”

 

Read the full article here.

 

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